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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950148-03-002680.txt : 20031112
<SEC-HEADER>0000950148-03-002680.hdr.sgml : 20031111
<ACCEPTANCE-DATETIME>20031112103649
ACCESSION NUMBER:		0000950148-03-002680
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031107
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20031112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBASSADORS GROUP INC
		CENTRAL INDEX KEY:			0001162315
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				911957010
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-33347
		FILM NUMBER:		03991430

	BUSINESS ADDRESS:	
		STREET 1:		110 SOUTH FERRALL STREET
		CITY:			SPOKANE
		STATE:			WA
		ZIP:			99202
		BUSINESS PHONE:		5095346200
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v94462e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Ambassadors Group Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="3">UNITED STATES
</FONT>
<P align="center"><FONT size="3">SECURITIES AND EXCHANGE COMMISSION
</FONT>
<P align="center"><FONT size="2">WASHINGTON, D.C. 20549
</FONT>
<P align="center"><FONT size="5">FORM 8-K</FONT>

<P align="center"><FONT size="3">CURRENT REPORT
</FONT>
<P align="center"><FONT size="3">PURSUANT TO SECTION 13 OR 15(D) OF
</FONT>
<P align="center"><FONT size="3">THE SECURITIES EXCHANGE ACT OF 1934
</FONT>
<P align="center"><FONT size="2">DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): November&nbsp;7, 2003
</FONT>
<P align="center"><FONT size="5">AMBASSADORS GROUP, INC.</FONT>

<p>
<HR size="1"  width=25% noshade>



<DIV align="center"><FONT size="2">(EXACT NAME OF REGISTRANT SPECIFIED IN CHARTER)</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">DELAWARE</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
0-33347
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">91-1957010</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<HR size="1" noshade>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(STATE OF<BR>
INCORPORATION)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(COMMISSION<BR>
FILE NUMBER)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">(IRS EMPLOYER<BR>
IDENTIFICATION NO.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Dwight D. Eisenhower Building</FONT>

<DIV align="center"><FONT size="2">110 S. Ferrall Street</FONT></DIV>

<DIV align="center"><FONT size="2">Spokane, WA 99202</FONT></DIV>

<p>

<HR size="1"  width=25% noshade>




<DIV align="center"><FONT size="2">(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)</FONT></DIV>

<P align="center"><FONT size="2">(509)&nbsp;534-6200</FONT>

<HR size="1"  width=25% noshade>






<DIV align="center"><FONT size="2">(REGISTRANT&#146;S TELEPHONE NUMBER, INCLUDING AREA CODE)</FONT></DIV>

<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;5. Other Events.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;7. Financial Statements and Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="v94462exv99w1.htm">Exhibit 99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>






<!-- link2 "Item&nbsp;5. Other Events." -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;5. Other Events.</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;7, 2003, Ambassadors Group, Inc. (the &#147;Company&#148;) issued a
press release on the subject of the appointment of a new chief financial
officer, Colleen McCann-Lillie. Ms.&nbsp;McCann-Lillie will replace Margaret
Sestero as chief financial officer. Ms.&nbsp;Sestero will continue to serve as
executive vice president and secretary of the Company and as chief operating
officer of Ambassador Programs, Inc., a subsidiary of the Company.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company also announced the adoption of a dividend policy paying common
stockholders $0.44 per share annually, or $0.11 per share on a quarterly basis.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The press release is filed as exhibit 99.1 hereto.
</FONT>
<!-- link2 "Item&nbsp;7. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;7. Financial Statements and Exhibits.</FONT>

<P align="left"><FONT size="2">(c)&nbsp;Exhibits</FONT>

<P><FONT size="2">99.1 Press release of Ambassadors Group, Inc. dated November&nbsp;7, 2003.
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2">SIGNATURES</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR>
        <TD width="50%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><FONT size="2">AMBASSADORS GROUP, INC.</FONT></TD>
</TR>

<TR><TD>&nbsp;<BR>&nbsp;</TD></TR>
<TR valign="top">
    <TD><FONT size="2">Date: November&nbsp;12, 2003</FONT></TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2">/s/ Margaret M. Sestero</FONT></TD>
</TR>
<TR>
        <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
        <TD><HR size="1" noshade color="#000000"></TD>
</TR>
<TR valign="top">
    <TD colspan="2">&nbsp;</TD>
    <TD><FONT size="2">Margaret M. Sestero<BR>
Executive Vice-President and
Secretary</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2">&nbsp;</FONT>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v94462exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Ambassadors Group Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">EXHIBIT 99.1</FONT>

<p>
<P align="center"><FONT size="2">AMBASSADORS GROUP, INC. SETS NEW DIVIDEND POLICY, DECLARES<BR>
DATE FOR INITIAL QUARTERLY DIVIDEND<BR>
AND ANNOUNCES NEW CHIEF FINANCIAL OFFICER</FONT>

<P align="left"><FONT size="2">CONTACT: COLLEEN MCCANN-LILLIE 509-534-6200</FONT>

<P><FONT size="2">Spokane, WA, November&nbsp;7, 2003 &#151; Ambassadors Group, Inc. (Nasdaq:EPAX)
(&#147;Company&#148;), a leading provider of educational travel experiences, announced
today that its board of directors initiated a new dividend policy paying common
shareholders $0.44 per share annually, distributable at $0.11 per share on a
quarterly basis. The Company&#146;s board also declared an initial quarterly
dividend payment of $0.11 per share, which will be paid on December&nbsp;8, 2003 to
all common shareholders of record on November&nbsp;24, 2003. The Company and its
board of directors note that they intend to continually review the dividend
policy to ensure compliance with capital requirements, regulatory limitations,
the Company&#146;s financial position and other conditions which may affect the
Company&#146;s desire or ability to pay dividends in the future.
</FONT>
<P><FONT size="2">Jeff Thomas, chief executive officer of the Company, stated: &#147;Our company has
been accumulating cash, even in the current geopolitical environment. At this
point in time, based upon recent tax law changes and current conditions in the
market place we are pleased to be able to return value to our shareowners in
the form of a dividend.&#148;
</FONT>
<P><FONT size="2">Colleen McCann-Lillie has been elected by the board of directors to chief
financial officer of Ambassadors Group, Inc. The Company&#146;s current chief
financial officer, Margaret Sestero, will continue to serve as executive vice
president of the Company and president and chief operating officer of the
Company&#146;s subsidiary, Ambassador Programs, Inc. Ms.&nbsp;McCann-Lillie is a
certified public accountant in the state of Washington. She has been employed
with the Company since October, 1999. Prior to that, she held a variety of
finance and accounting positions with both public and private interests.
</FONT>
<P align="left"><FONT size="2"><I>About the Company</I></FONT>

<P><FONT size="2">Ambassadors Group Inc. is a leading educational travel company that organizes
and promotes international and domestic programs for students, athletes, and
professionals. These programs provide opportunities for grade school, junior,
and senior high school students to visit foreign and domestic destinations to
learn about the history, government, economy and culture of such areas, as well
as for junior and senior high school athletes to participate in international
sports challenges. The Company&#146;s professional programs emphasize meetings and
seminars between participants and persons in similar professions abroad.
</FONT>
<P align="left"><FONT size="2"><I>Forward-Looking Statements</I></FONT>

<P><FONT size="2">Forward-looking statements, which are included per the &#147;safe-harbor&#148; provisions
of the Private Securities Litigation Reform Act of 1995, may involve known and
unknown
</FONT>
<P align="center"><FONT size="2">&nbsp;
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P><FONT size="2">risks, uncertainties and other factors that may cause the Company&#146;s actual
results and performance in future periods to be materially different from any
future results or performance suggested by the forward-looking statements in
this press release. Such forward-looking statements speak only as of the date
of this report, and are subject to risks including: the consequences of the war
with Iraq, conflict in the Middle East, periods of international unrest, the
outbreak of disease, changes in the direct-mail environment, changes in
conditions in the travel industry, changes in economic conditions and changes
in the competitive environment. The Company expressly disclaims any obligation
to provide public updates or revisions to any forward-looking statements found
herein to reflect any changes in Company expectations or any change in events.
Although the Company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can give
no assurance that its expectations will be attained.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>


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